The Price is Right in Real Estate '09
I just wanted to start off the new year with what will probably be the biggest tip that I can give anyone who is looking to sell their home in 2009: "Price it Right!"
Above anything else, price has become more important to buyers in today's real estate market. They are willing to overlook just about anything - so long as the price is right.
A good example. I showed one of the best staged properties that I have seen in some time (Curt and Pam Carls' listing in Lake Henry). Even though it looked great and was priced well, my buyers decided to write on a home in Melrose that was in much worse condition, but it showed much more upward equity potential and was priced below its local comparables.
So what can you take from this?
First of all, we need to let go of 2005 for a little while longer. While it is getting tough to accept that home prices have been on the skids for nearly 4 full years now, we need to accept it. The prices we saw at the top of the market will come back, but it won't be in 2009 or even 2010.
Second, homes are still selling. If you need to unload a property it isn't impossible in this market. As a whole, there were over 2500 residential properties that sold on the St Cloud MLS in 2008. Of those 2500 properties, approximately 1600 were owner occupied units that were not bank-owned.
Next week I will start doing my final tally's for the Central Minnesota real estate market in 2008. I think that we will get some really interesting statistics as to average prices, type of property bought, and even commissions.
Jason Tangen - GRI, e-PRO - Real estate broker associate with Edina Realty in St Cloud MN]
www.StCloudEdina.com - Home of the e-Market Analysis (Free online property value estimator)
JasonTangen.EdinaRealty.com - Search homes for sale in Rice, MN
